The cryptocurrency XRP is entering a decisive phase in its market cycle. Analyst Xoom has presented a fresh analysis indicating the completion of wave 3 and the beginning of wave 5.
Current Stage of XRP in Market Cycle
After a period of relative stability, XRP, according to Xoom's analysis, is going through the final phase of a classic five-wave Elliott Wave structure. At the time of analysis, XRP was trading at $3.04.
Correcting Misconceptions About XRP's Position
Some analysts claimed that XRP was currently in wave 3, but Xoom indicates that the token completed this stage earlier, rising from $0.50 to $3.39. He noted that wave 3 is typically the most significant move in this pattern, which alters forecasts regarding XRP's potential for growth.
Forecasting the Wave 5 Target Zone
According to projections, XRP could rise in the range of $7 to $10, representing a 320% to 500% increase from present levels. Although this increase is less significant than in wave 3, it still indicates strong upward momentum.
Thus, XRP is entering the final stage of wave 5, and the projected target zone suggests opportunities for achieving new records in the cryptocurrency market.
